Oilex said it has executed an agreement with Gujarat State Petroleum Corporation Limited (GSPC) in the Cambay Field Production Sharing Contract on the next planned well in the Cambay field.
The company said the signing of the agreement is a step further in unlocking value and securing an extension on the Cambay Field contract.
Both firms have agreed Oilex will drill, test, complete, commission and commence commercial production from the proposed Well C-78.
Manging director Jonathan Salomon said Oilex was pleased to have reached an agreement with its joint venture partner to progress the drilling of the well.
He said: “This reflects a significant milestone in the ability of Oilex to unlock the Cambay field potential and assist in potentially securing an extension to the PSC term.
“The agreement reinforces our determination to add value for shareholders by progressing the development of this key asset.”
